Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2016

The Company’s derivatives were reported in its consolidated balance sheets as follows (in millions):


Classification	Balance Sheet Location	September 30, 2016		December 31, 2015
Derivatives designated as cash flow hedges
Liabilities:
Fuel contracts due within one year	Fuel derivative instruments	$	4	$	119
Derivatives not designated for hedge accounting
Liabilities:
Fuel contracts due within one year	Fuel derivative instruments	$	—	$	5

Total derivatives
Total liabilities		$	4	$	124

Offsetting Liabilities

The following table shows the potential net fair value positions (including fuel derivatives and related collateral) had we elected to offset. The table reflects offset at the counterparty level (in millions):


	September 30, 2016		December 31, 2015
Fuel derivative instruments, net of collateral	$	(4)	$	(98)

Schedule of Losses on Derivative Instruments

The following tables present the impact of derivative instruments and their location within the Company’s unaudited statements of consolidated operations (in millions):

Derivatives designated as cash flow hedges


	Amount of Loss Recognized in AOCI on Derivatives (Effective Portion)				Loss Reclassified from AOCI into Fuel Expense				Amount of Loss Recognized in Nonoperating income (expense): Miscellaneous, net (Ineffective Portion)
	Three Months Ended September 30,				Three Months Ended September 30,				Three Months Ended September 30,
	2016		2015		2016		2015		2016		2015
Fuel contracts	$	(6)	$	(181)	$	(24)	$	(150)	$	—	$	—

Derivatives designated as cash flow hedges


	Amount of Loss Recognized in AOCI on Derivatives (Effective Portion)				Loss Reclassified from AOCI into Fuel Expense				Amount of Loss Recognized in Nonoperating income (expense): Miscellaneous, net (Ineffective Portion)
	Nine Months Ended September 30,				Nine Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015		2016		2015
Fuel contracts	$	(5)	$	(227)	$	(197)	$	(429)	$	—	$	—

Schedule of Derivative Instruments not Designated as Hedges Losses

Derivatives not designated for hedge accounting

Fuel contracts


	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Amount of loss recognized in Nonoperating income (expense): Miscellaneous, net	$	—	$	(67)	$	—	$	(69)